I sat down today, opened my email, and realized I was opening document after document that had been emailed to me. Is that the norm for you, too? We have document management solutions and know there are benefits, but are they tangible benefits? According to the research, yes. Gartner released a report saying that there’s an average of 40% document-related cost savings, and IDC reported a five-year ROI of 404%.
According to Ademero, here’s where the savings come from:
With Vetter, consumers can apply for loans, underwriting can review loans, documents can be managed and much more! Contact us to learn more.
Those statistics are pretty compelling, but that doesn’t tell the whole story. Document management can do so much more. Look at a few upsides for document management systems:
Which leads to the next step, beyond simple document storage – digital data collection. To do this well, you will need to have a document and content management strategy in place, but the digital data collection can add so much more value. Using digital solutions to collect data only drives your document management solutions.
Step back for a second and look at this from a process perspective, such as completing a loan application. Customers used to have to fill out a form, then you’d have to copy their license and other identifying information, and then enter everything into a computer system. Then you’d have to file the application and move on.
Several potential issues are going on here. Did the customer receive the right forms? Have they filled them out correctly? Was something transposed incorrectly, and now you have to store the documents? So much human intervention makes errors more likely.
Using a digital solution, the process can be streamlined for all involved. The consumer can enter information in a digital form that can be updated as regulations or requirements change. They can snap a photo of their driver’s license to be uploaded (and OCR software can parse the picture for information), and their signature can be captured digitally. So much faster and simpler than the old way, or even most digital companies can offer. (And yes, Vetter can do that for your financial institution! Learn more here.) Moving forward, all that data is stored centrally, easily accessible by your employees who need it and tracked for changes.
Document management and digital data collection aren’t just cool tools. They streamline your business, make employees more efficient, make decisions happen faster and make your customers happier.